IBERIAN DAILY 10 APRIL (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: AENA.The roller coaster continues
The gains lasted only one session in Europe, and following the escalation in the trade war (China responded by placing tariffs on the US of 84.0% vs. the previous 34.0%), European stock markets closed with losses of more than -2.5%, losing all that had been recovered the previous day. But then Trump arrived and with European markets closed announced the suspension of reciprocal tariffs during 90 days (maintaining the 10% tariff on all countries, the 25% on vehicles, steel and aluminium) for countries that have not retaliated and raised tariffs on China to 125%. In the STOXX 600, yesterday does not count and stock markets will see big rallies, starting with the US yesterday. On the macro side, in the US the Fed meeting minutes showed modest growth and high concern for the impact tariffs will have on prices. In Brazil, February’s retail sales slowed in line with expectations. In Mexico, March’s inflation rose in line with expectations to 2.8% YoY. In China, March’s inflation came in below expectations (-0.1% YoY vs. -0.7% previously), whereas production prices sped up their contraction. In business results, in Taiwan TSCM released better 1Q’25 sales than expected.
What we expect for today
Stock markets would rally >+7.0%, led by cyclical sectors such as technology (yesterday the Nasdaq rose +12%), travel & leisure, energy, industrials and financials. Currently, S&P futures are down -0.7% (the S&P 500 ended +8.63% higher vs. the European closing bell). Asian markets are rising (China’s CSI 300 +1.2% and Japan’s Nikkei +8.4%).
Today in the US we will learn March’s inflation and weekly jobless claims.
Aena SME SA, formerly Aena SA, is a Spain-based company primarily engaged in the airports operation. Its activities are divided into four segments: Airports, which comprises Aeronautical subdivision, responsible for the management of airports, jetways, security, handling, cargo and fuel services, among others, as well as Commercial subdivision, including duty-free and specialty stores, restaurant services, car rental, as well as banking services and advertising; Services outside the terminal, which manages real estate assets, such as parking lots, warehouses and lands; International, which comprises operations of Company's subsidiary, Aena Desarrollo Internacional SA, that invests in other airport owners principally in Mexico, Colombia and the United Kingdom; and Others, encompassing corporate activities. It manages tourism, hub and regional airports, as well as heliports and general aviation areas. Furthermore, its destination range comprises Europe, the Americas, Asia and Africa.
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